ZIM Integrated Shipping Services announced its consolidated results for the three and nine months ended September 30, 2025.
Third Quarter 2025 Highlights
- Net income for the third quarter was $123 million (compared to $1,126 million in the third quarter of 2024), or diluted earnings per share of $1.024 (compared to $9.34 in the third quarter of 2024).
- Operating income (EBIT) for the third quarter was $259 million, compared to $1,235 million in the third quarter of 2024.
- Adjusted EBITDA for the third quarter was $593 million, a year-over-year decrease of 61%.
- Adjusted EBIT for the third quarter was $260 million, compared to $1,236 million in the third quarter of 2024.
- Revenues for the third quarter were $1.78 billion, a year-over-year decrease of 36%.
- Carried volume in the third quarter was 926 thousand TEUs, a year-over-year decrease of 5%.
- Average freight rate per TEU in the third quarter was $1,602, a year-over-year decrease of 35%.
- Net leverage ratio1 of 0.9x as of September 30, 2025, compared to a net leverage ratio of 0.8x as of December 31, 2024; net debt1 of $2.64 billion as of September 30, 2025, compared to net debt of $2.88 billion as of December 31, 2024.
Eli Glickman, ZIM President & CEO, stated, “Our business resilience was evident in the third quarter, during which we delivered solid earnings while navigating a volatile rate environment, influenced by a complex geopolitical landscape, frequent changes in tariff policies and an ongoing global trade war. With larger, more modern, cost-effective capacity, we continued to capitalize on our agile fleet deployment strategy, which enables ZIM to respond quickly to developments in market conditions, now facing downward pricing pressure. In addition to adapting our Transpacific network based on prevailing demand trends, we have diversified our geographic footprint to capture new growth opportunities. Consistent with our commitment to sharing our success with our investors, the company has declared a quarterly dividend of $0.31 per share, or a total of $37 million, distributing 30% of quarterly net income in accordance with our dividend policy. I am proud to lead a company that, since its IPO about five years ago, has distributed approximately $5.7 billion to its shareholders—more than 25 times what the company raised in its IPO in January 2021.”
Mr. Glickman added, “The current market environment has been marked by disruptions and fluctuations more frequent and acute than in the past. Amidst such uncertainty, our focus remains on controlling what we can and taking proactive steps to drive sustainable and profitable growth over the long term. We intend to build on our progress to date through continued diligent execution—further strengthening ZIM’s business resilience, both commercially and operationally, and advancing our competitive position in the industry.”
Mr. Glickman concluded, “Looking ahead, while fourth quarter market conditions have weakened, we are increasing the midpoints of our 2025 guidance ranges based on our strong performance to date. Overall, we believe our differentiated commercial strategy, enhanced fleet profile, and improved cost structure position ZIM to weather near-term volatility and deliver long-term value for shareholders.”